Transition from Renting to Buying
By Noel Thompson
There are different real estate choices as one’s life progresses. The first one is when to move from a rented premises to an owner-occupied one. Here are three important criteria to consider.
The first one is job security. In order to get a loan, you’ll have a lot easier time if you’re permanently employed in a full-time position. Banks are less impressed if you’re a contract worker or have casual work. Sometimes even the industry you’re in is a consideration.
Then there’s the matter of being a first-home buyer. You may represent a greater risk than returning home buyers or investors. That’s because if you lose your employment and can’t meet your loan repayments, you won’t be able to draw on equity in the property to stay afloat...
The second consideration is affordability. Once you have determined that your job is secure and you’ve duly saved up for all the purchase costs then make the jump as soon as you can. This is because property always moves upwards over the long term. So don’t make the mistake of waiting for things to become more affordable.
Now comes the third consideration—choosing the right location. You want to set the right investment foundation by choosing wisely. Location is a critical factor, simply because while all properties grow in value over time, some will grow faster than others.
Whether it’s looking to buy, rent or invest, we at First National Browns Plains can assist you on any real estate issue, whether a sale, purchase, letting or management, feel free to call at any time, or call into our friendly office at 20 Commerce Drive, Browns Plains and talk to us.